Posted by Craig on April 26, 1999 at 12:30:31:
If the seller wants 10% down then he is not motivated enough. Plus there ain’t many people that will ever put up more than 10% so don’t plan on getting a larger down from someone else. Best bet is to put no more than 5% down. If your paying full price you also need an interest rate at least a couple of points lower than what you expect to charge. Right now you probably need a rate from 8 to 10 percent so that you can charge 10 to 12 percent. Best bet is to find one at least 10 percent below market with 5% max down and sell at full value with 5 to 10% down with a rate a couple of points higher than you are paying.